President Jonathan’s suspension of the CBN governor raises concerns not just over the economy and elite vested interests, but also the rule of law. In what has been seen by most as a baldly political move, President Goodluck Jonathan shocked both markets and observers yesterday as he suspended Nigeria’s widely-celebrated Central Bank Governor, Sanusi Lamido Sanusi. In a press release Jonathan’s spokesman claimed that “Lamido Sanusi’s tenure has been characterised by various acts of financial recklessness,” but offered no details or specifics, and many commentators believe the real reason for Sanusi’s removal was his outspokenness on institutional corruption. “Sanusi’s persistent criticism of Nigeria’s opaque oil revenue management and allegations of unremitted NNPC [Nigerian National Petroleum Corporation – the state-owned oil company] oil proceeds made him a public enemy of the political elite,” says Samir Gadio, Emerging Market Strategist at Standard Bank. “His suspension is a disruptive move which indicates […]